Mishcon de Reya Private Partner Filippo Noseda has been working with Abu Dhabi Global Market, the International Financial Centre in Abu Dhabi, on the development of its Foundations regime. The Foundations regime, often used in common law jurisdictions, is the first of its kind in the Middle East. Foundations are used as a structure for wealth management, planning and preservation as an alternative to, and sometimes in conjunction with, trusts and corporate structures.
Commenting on the Foundations regime, Filippo said: "Over the past 15 years, a number of common law jurisdictions have introduced foundations. However, this is a first in the rich cultural context of the Middle East. It is expected that the new ADGM Foundation Regulations will appeal to international clients with interests in the region, as well as local families who wish to find a suitable vehicle to deal with family succession and family governance with the help of local practitioners."
Read the full press release here.